UBS revealed a $10 billion writedown and an emergency injection of funds from Singapore and the Middle East, making it the biggest victim of the U.S. subprime crisis to date among major European banks.

Sometimes weekend newspaper pickups go nowhere and sometimes you hit pay dirt. This morning, putting together "Squawk Box Europe", the team debated the merits of a story carried by the Swiss weekly the Sonntagszeitung. It said UBS management held an unscheduled board meeting at the weekend and could announce more sizeable writedowns.

Futures lower this morning on pressure from the financials. The UBS headline for the bank analyst report this morning tells the story: lower earnings ahead. They are adjusting their 2008 earnings expectations for many banks and brokers.

Fed Pres Donald Kohn moved futures 5 points up at 8 am ET by saying that if tighter credit conditions made credit more expensive and discouraged spending, it "would require offsetting policy action." This seems to imply more rate cuts, whether of the fed funds type or the discount rate.

The floor of the NYSE is buzzing with nervousness and excitement. Specialist firm Van der Moolen has announced they are exiting the business; rumors that other big specialist firms will exit are rampant. Is this it? Will the fabled NYSE floor survive?

Here's what I see this Monday morning:1) U.S. dollar finally showing some strength on weakness overseas, Hong Kong at a 6 week low, about 12% from historic high. 2) Jitters in tech land. All those momentum traders piling into techs in the last couple months are nervous.

Plus, Cramer answers questions about Oceaneering International, Lululemon and UBS.Investing can be confusing. Luckily, Cramer has mapped out some road rules for all you Home Gamers trying to navigate the jungle that is Wall Street. Think of it as "Mad Money 101" –- some fundamental advice to keep in mind as you play the market. Whether you're a first time investor or a seasoned financier, it's always good to remember the basics.

Markets dealing with several issues this morning. 1) The S&P/Case Shiller Home Price Index August fell 4.4% year over year. This is the biggest decline since the series began 6 years ago. The index is a composite that tracks twenty U.S. cities.

Here are my morning thoughts: Markets: The entire Street is expecting a 25 basis point cut in the Fed funds rate, and at least that much in the discount rate. A small but vocal minority believe that a 50 basis point cut is more appropriate, given the evidence of a slower economy and the recent return of a choppier credit market.

The latest warning by UBS that it may face more writedowns, as well as last week's announcement by Merrill Lynch that it would have to write down $8.4 billion, show that the weakness in the financial sector is set to continue, analysts told CNBC Monday.